Sign & Digital Graphics

WRAPS '19

Issue link: https://nbm.uberflip.com/i/1125700

Contents of this Issue

Navigation

Page 64 of 104

58 • WRAPS • 2 0 1 9 Having an Exit Plan Steps to take to plan for retirement BY S TA R L A M I L L E R Starla Miller is the co-chief visionary at Miller Decals, LLC, the largest exclusive vinyl installation company in Atlanta, Georgia. She has a bachelor's degree of Science in Business Administration from Mississippi College. M ost vinyl installers' DNA is not programmed to think about the future beyond about a week or two. They spend more time planning a vacation than planning to retire. Coming from a back- ground that was saturated with financial and retirement ver- biage has helped me tremendously as a business owner. It is best to start retirement planning with the end in sight, much like for a vacation. When are you going? Where are you going? How much is it going to cost? How rugged or elaborate will it be? Start now to develop your plan and you can improvise or adjust as you go through the process. While the dreaming of cabins and beaches is the best part, there are several options that owners should think about for an eventual retirement when starting up or already running their shops. The fastest way to exit the ownership of the business is to liquidate it. You can sell off all of your assets, put the money in the bank or pay off your debt and be done. Hopefully during the time you owned the business you have planned personally to set aside a variety of savings and accumulated a portfolio comprised of life/disability insurance, emergency savings, a ROTH IRA, a taxable IRA or pension, an invest- ment portfolio and have reported to the Social Security Ad- ministration your earnings annually and paid in your FICA to be able to receive these benefits as well. There are so many different ways to set up a retirement portfolio. Please consult with your CPA or a Certified Financial Planner or both to determine the best options for your individualized situation. Selling your business to fund your retirement can be an option. You will need to take the time to build a company that is self-sustaining and profitable. It has to have set sys- tems and procedures so the new owner can learn these and continue the operation. The inner workings of your business are considered intellectual or proprietary property. There are business brokers that partner with business owners and potential purchasers to facilitate the sale. You can reach out to your local small business association to get a recommen-

Articles in this issue

view archives of Sign & Digital Graphics - WRAPS '19